DS Torm raises 2007 guidance following sale of stake in DS Norden UPDATE |
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Published
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Mon, 02 Apr 2007 09:32
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(updating with comments from ceo)COPENHAGEN (AFX) - Danish transport group DS Torm said it has sold its entire stake in DS Norden for a total sum of 3.987 bln dkr (713 mln usd) and upgraded its 2007 pretax guidance to 700-800 mln usd from a previous 140-160 mln usd.DS Torm said its total gain from the investment in the shipping company including dividends has been 4.079 bln dkr (725 mln usd).'We bought our stake in Norden (five years ago) for 300 mln dkr and now we cash in over 4 bln dkr, and this is of course very satisfying,' DS Torm chief executive Klaus Kjaerulff told AFX News.Kjaerulff said DS Torm will decide how to use the proceeds at the annual general meeting on April 17. He added that the group is continuously eying potential acquisitions.Torm's shares in Norden have been bought by a wide array of investors large and small, mainly from Scandinavia, but also from the UK and the US, Kjaerulff said.gustav.sandstrom@thomson.comgs/gs/icCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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DS Norden to buy up to 2 pct of own shares if DS Torm sells Norden stake 